AmerisourceBergen Corp. Coverage Initiated by Analysts at Sterne Agee (ABC)
Equities research analysts at Sterne Agee started coverage on shares of AmerisourceBergen Corp. (NYSE:ABC) in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $80.00 price target on the stock. Sterne Agee’s target price would indicate a potential upside of 30.10% from the company’s current price.
The analysts wrote, “With specialty drugs expected to capture an increasingly large footprint within the drug spend funnel, we believe ABC’s dominant share within the specialty distribution channel will enable the company to achieve revenue growth and margins superior to those of its peers. Initiate with a Buy rating and $80 price target.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of AmerisourceBergen Corp. (NYSE:ABC) in a research note to investors on Friday, September 13th. They now have a $63.00 price target on the stock. Finally, analysts at Raymond James downgraded shares of AmerisourceBergen Corp. (NYSE:ABC) from a “strong-buy” rating to an “outperform” rating in a research note to investors on Thursday, July 25th. They now have a $63.00 price target on the stock.
Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $61.00.
Shares of AmerisourceBergen Corp. (NYSE:ABC) traded up 0.88% during mid-day trading on Wednesday, hitting $62.03. The stock had a trading volume of 335,908 shares. AmerisourceBergen Corp. has a one year low of $37.65 and a one year high of $61.71. The stock’s 50-day moving average is $58.47 and its 200-day moving average is $55.10. The company has a market cap of $14.323 billion and a P/E ratio of 26.76.
AmerisourceBergen Corp. (NYSE:ABC) last released its earnings data on Wednesday, July 24th. The company reported $0.73 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.75 by $0.02. The company had revenue of $21.90 billion for the quarter, compared to the consensus estimate of $21.36 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. Analysts expect that AmerisourceBergen Corp. will post $3.08 EPS for the current fiscal year.
In other AmerisourceBergen Corp. news, SVP James Frary sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $59.03, for a total value of $885,450.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
AmerisourceBergen Corporation (NYSE:ABC) a pharmaceutical services companies serving the United States, Canada, and selected global markets.
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